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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Phoenix Group Holdings plc    PRLG   GB00BGXQNP29

PHOENIX GROUP HOLDINGS PLC

(PRLG)
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Phoenix : buys Standard Life brand, sells some units back to SLA

02/23/2021 | 12:31pm EST
FILE PHOTO: The offices of Standard Life Aberdeen in Saint Andrew Square Edinburgh, Scotland

(Reuters) - Insurer Phoenix Group will take on the Standard Life brand from asset manager Standard Life Aberdeen (SLA) and sell back some of the businesses it bought from SLA as the pair simplify their partnership.

Phoenix bought Standard Life Aberdeen's European and UK insurance businesses in 2018, a deal that had created a complicated network of products and businesses at both companies which shared the Standard Life brand.

Now the two companies have agreed that Phoenix Group will buy the Standard Life brand, while Standard Life Aberdeen will buy back some savings products under the Wrap brand from Phoenix.

SLA said it will pay Phoenix a net total of 60.5 million pounds ($85.3 million) in the two-way transaction.

"When we did the deal 2-1/2 years ago, we kind of bought the product manufacturing and the economics of the business but we didn't have the brand, marketing and some of the distribution team stayed with Standard Life Aberdeen," Phoenix boss Andy Briggs told Reuters.

"In a fast-paced market, it was not particularly efficient for us to be forever going across to SLA and asking for permission."

He added that the new arrangement was designed to accelerate growth in life insurance products open to new customers. Phoenix's main focus has traditionally been on closed books of business.

Standard Life Aberdeen said it would have a wider review of its branding this year following the brand sale.

"We view this as an incremental positive in simplifying the convoluted Phoenix-SLA structure and hence freeing up management 'bandwidth'," KBW analysts said in a note, adding that the Standard Life brand had become "somewhat confused" after the Standard Life Assurance deal.

Phoenix and SLA have also extended their asset management partnership for 10 years, under which Standard Life Aberdeen currently manages around 147 billion pounds of Phoenix Group assets.

($1 = 0.7108 pounds)

(Reporting by Rachel Armstrong in London and Muvija M in Bengaluru; Editing by Ana Nicolaci da Costa and Emelia Sithole-Matarise)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PHOENIX GROUP HOLDINGS PLC -0.05% 738 Delayed Quote.5.40%
STANDARD LIFE ABERDEEN PLC -2.86% 318.9 Delayed Quote.16.71%
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Financials
Sales 2020 5 755 M 7 995 M 7 995 M
Net income 2020 663 M 921 M 921 M
Net Debt 2020 - - -
P/E ratio 2020 9,77x
Yield 2020 6,43%
Capitalization 7 366 M 10 304 M 10 234 M
Capi. / Sales 2020 1,28x
Capi. / Sales 2021 1,18x
Nbr of Employees 4 417
Free-Float 71,9%
Chart PHOENIX GROUP HOLDINGS PLC
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Phoenix Group Holdings plc Technical Analysis Chart | PRLG | GB00BGXQNP29 | MarketScreener
Technical analysis trends PHOENIX GROUP HOLDINGS PLC
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 805,57 GBX
Last Close Price 738,00 GBX
Spread / Highest target 22,0%
Spread / Average Target 9,16%
Spread / Lowest Target -18,0%
EPS Revisions
Managers and Directors
NameTitle
Andrew David Briggs Chief Executive Officer & Director
Rakesh Kishore Thakrar Group Finance Director & Director
Nicholas Lyons Non-Executive Chairman
Antonios Kassimiotis Group Chief Operating Officer
Alastair William Stewart Barbour Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
PHOENIX GROUP HOLDINGS PLC5.40%10 309
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METLIFE, INC.25.58%52 569
MANULIFE FINANCIAL CORPORATION15.23%40 166
PRUDENTIAL FINANCIAL, INC.14.47%35 480